Providence to acquire Drombeg survey

Fastnet issues Morocco licence update; Aminex open offer raises £670,797

Oil and gas firm Aminex said its open offer, which was announced in late January, raised £670,797

Oil and gas firm Aminex said its open offer, which was announced in late January, raised £670,797


Irish oil and gas explorer Providence Resources has said it is to acquire part of a 3D seismic survey on the Drombeg licence off the coast of Ireland.

The company, which is listed in Dublin and London, said the survey, which is planned to commence this summer, will cover the deep-water Drombeg exploration prospect that is situated in the southern Porcupine Basin, approximately 220 km off West Cork.

The Drombeg prospect lies in 2,500 metre water depth and is 3,000 metres below the seabed.

The total planned seismic acquisition programme will cover a minimum area of 3,200 km2, which will include 1,065 km2 over the Drombeg Licence.

Providence has an 80 per cent share in the licence with its partner Sosina Exploration Limited, holding the remaining interest.

Separately, Fastnet, the oil and gas company focused on near term exploration acerage in Africa and the Celtic Seas has said Kosmos Energy, its partner in the Forum Assaka licence area in Morocco, has confirmed that it expects the FA-1 well to spud in March.

The FA-1 well will target the Eagle prospect, which is estimated by Kosmos to contain 360 mmboe of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective. The well will also target multiple secondary objectives which could provide additional upside in a success case. The planned target depth is 4,000 metres, in water depth of approximately 600 metres. The well is expected to take up to three months to reach target depth.

On the completion of a farmout agreement with the SK Group, which was announced on in December, Fastnet will hold a 9.375 per cent interest in the Foum Assaka Licence, with Kosmos holding 29.925 per cent, BP 26.325 per cent, SK Innovation 9.375 per cent and ONHYM the remaining 25 per cent.

Fastnet is carried for past costs and the cost of the FA-1 well up to a gross well cost of $100million.

Oil and gas firm Aminex said its open offer, which was announced in late January, raised £670,797 as 32.7 per cent of the shares on offer were taken up.

The Dublin listed company now has seven days to seek subscribers for the shares not taken up under the open offer.

Aminex is seeking to raise gross proceeds of £10 million through a placing and open offer as it seeks to develop its assets in Tanzania.

Last month the company announced a share placing of 800 million new ordinary shares as part of a plan to raise £8million. It also revealed plans to raise a further £2million through a one-for-four open offer to shareholders that is priced at one pence per share.

The exploration group said its management was to contribute £1,394,018 to the proposed fund raising.